MJN is poised for a contrarian breakout
Based upon the analysis above in MJN, traders should make sure that their portfolio can handle increased risk from a new trade. Also be sure that MJN adds diversification to your current account. Lastly, good traders note how a new addition relates to not just their portfolio but the rest of the market action as well. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Be sure to coincide your trading actions on MJN in relation to the overall market as well.
Currently the proprietary sentiment levels, analysed by Traders For Wealth, have shown an increasingly negative bias toward MJN. However, the price action in MJN has been moving up in value. This could be a contrarian sign to traders for a potential reversal. Traders should view this as a bullish contrarian trade and make sure it aligns with the market and their portfolio.